On Thursday, Beth Bowlen made a public statement announcing that she wants to become the controlling owner of the Denver Broncos, waking up the sleeping giant that is the Broncos’ ownership situation.

Some of you may have a solid understanding of that situation, but for those of you who don’t—or if you just need a quick refresher—here’s how it all works.

The Trust

• Right now, the Denver Broncos organization is being held in a trust.
  • The idea behind a trust is to have a few people look over assets—usually property or money—until the beneficiary of the trust is qualified to gain control of them, based on the criteria set forth by the trustmaker.
• Four years ago, longtime owner Pat Bowlen announced that he had Alzheimer’s and was relinquishing control of the Broncos.
  • He placed the team in the “Pat Bowlen Trust” and appointed three trustees.
    • Broncos president Joe Ellis, executive vice president.
    • Team counsel Rich Slivka.
    • Attorney Mary Kelly.
      • This trio is charged with upholding Bowlen’s wishes, as detailed within a series of private legal documents Bowlen wrote regarding the trust.
• Bowlen used the trust to outline the plan for his succession as the owner of the Broncos.
  • His shares of the team are to be split evenly among his seven children—the entire team is owned by the Bowlen family, though Pat’s exact interest is unknown.
  • One of the children is to be chosen by the trustees to serve as controlling owner and the face of the franchise.
    • Requirements for the children to qualify for the position were laid out in a blueprint given to the family. Here’s what we know the trustees are looking for, although it’s possible that some of the requirements are not yet public:
      • High-level education.
      • Five years of senior management with the team, league or Stadium Management Company.
      • Display of leadership and integrity.
        • It’s important to note that it was explicitly stated that meeting these requirements did not guarantee a certain child would be chosen.
    • If the trustees don’t believe any of the children are fit for the job, they are to sell the team and split the profits among the children.
• Of the seven children, most are either uninterested in or unqualified to take over.
  • Before Thursday, there seemed to be two clear frontrunners: 47-year-old Beth Bowlen Wallace and 28-year-old Brittany Bowlen.
    • Beth recently received her law degree from the University of Denver, has led various philanthropic efforts and worked for the team for several years.
    • Brittany has a Master’s in business from Duke and has worked for the NFL and the Broncos in various capacities.

What went down on Thursday

• A little before noon, Nicki Jhabvala broke the news that Beth Bowlen believes she’s ready to take over control of the Broncos.
  • “I have completed the criteria laid out by the trustees, so I felt it was a good time to come out and express my interest and desire to be a part of the organization again,” she said.
    • Beth outlined a plan to transition into her new role with the team which included involving her siblings in the organization.
• The trustees quickly shot back at Beth, stating that she “is not capable or qualified at this time.”
  • “We have communicated our decision to Beth and her lawyers on multiple occasions,” the trustee’s press release said. “She is also fully informed as to why her employment with the team ended in 2015.”
  • “Although Beth has declined our invitations to discuss her qualifications for the last two years, we will continue to proactively engage and meet with any of the Bowlen children who express a desire to earn the right to succeed their father.”
• Beth responded Friday afternoon, claiming that the statements made by the trustees were inaccurate.
  • “While I can certainly respond to each of those statements, I don’t believe that will be productive. My dad has always encouraged me to be part of his organization. When I returned to Denver, he wanted me to come work at the Broncos with him.”
  • “I want to do what is in the best interests of my family, the team, and Denver fans. I care deeply for my entire family, and I would never do anything to create divisiveness in the family. It remains my sincere hope that I, together with my advisers, can sit down with the trustees and their advisors to resolve this situation. The fans and league deserve this, and we have repeatedly offered to meet with the trustees to accomplish this objective. Therefore, I will not respond to their inaccurate statements at this time.”
• Various Bowlen family members released statements on Thursday promoting Beth’s candidacy, and so far none have spoken out in opposition. Notably, Brittany has remained silent.
  • “We fully support Beth Bowlen Wallace to become the controlling owner of the Denver Broncos,” Pat’s brother John and his wife Kerry said. “Beth has worked extremely hard to meet the criteria established for the children of Pat Bowlen to be qualified to run and manage the organization. As minority owners of the team, we would be proud and thrilled to have her as the leader of this franchise.”
  • “Beth is in the best position of all the children to take over now,” Pat’s brother Bill said. “She has a plan; take over as the managing owner now and in the future allow the other to mature, learn and grow into a position with the team. Keep this team in the family and one of the primary franchises in the league.”
  • “I fully support Beth,” Amie Bowlen Klemmer, the eldest Bowlen child, said. “She is qualified and ready, and she worked closely with my dad. She is in the best position to carry out his vision.”
• These opposing statements could open the door for Beth to take legal action against the trustees if she believes that she is qualified to run the team and is unjustly being held back from that.
  • For that legal action to yield Beth any results, she would likely need to prove that one of the trustees was acting in self-interest, rather than doing what is best for the family and the Broncos. She could also look to prove that the trustees were conspiring against her for one reason or another.
• Aside from legal action, if Beth isn’t “capable or qualified” as a 47-year-old with law degree and experience inside the team, the path to her becoming the owner seems unclear.
  • That leaves Brittany as the likely favorite, as long as she fulfills the requirements, which she seems well on her way to doing.

The Impact

Before Thursday, the Broncos’ trust saga had dragged on slowly with no real developments since Mr. Bowlen announced he could no longer control the team. On a few occasions, the NFL acknowledged the situation and said that it had no qualms with how the trustees were handling things.

The NFL’s opinion may change, though, if they become overwhelmed by the drama surrounding the situation. Stay tuned.